Gift-in-kind Guide

Gifts in kind are an important way of benefiting UTB through a charitable gift to the University. Gifts in kind include donations of property such as real estate, works of art, books, equipment, furnishings, software and licensing.

A gift in kind requires an official transfer of ownership of property from the donor to the University. The IRS requires the donor to determine the fair market value of the gift for individual, foundation, or corporate tax reporting purposes. The University will issue a gift in kind receipt consisting of a simple description of the donated property and will recognize the donor for the value of the gift without referencing or receipting a specific dollar amount.

HOW TO GIVE A GIFT IN KIND

Before a gift-in-kind can be accepted by the University, the University must determine that the type of gift is consistent with the mission and purposes of the institution. If the gift is not directly needed by the institution, the property must be readily marketable and the donor should understand that the gift might be disposed in this manner. The potential benefit of any gift must be greater than its potential cost to the University. Consideration will be given to the cost of acceptance of the gift (shipping and handling charges), the long term viability of the gift (maintenance, storage, insurance, etc.), and rutb esale marketability.

The Gift In Kind formshould be completed. The unit/college department official will assist in this process, allowing the donor to determine fair market value and fill in the description of the gift in the space provided. IRS regulations require the donor to determine the fair market value. For corporate gifts of $25,000 or more, a letter from a representative of the corporation stating the fair market value with an accompanying inventory of the donated property is acceptable.

The completed paperwork can be given to your college or unit contact who will then forward it to the UTB University Relations Office where the transaction will be acknowledged and receipted. The University recommends that the donor consult with his/her tax advisor to determine the appropriate tax consequences of any charitable contribution.

UTB-issued gift receipt will make no reference to the fair market value of the gift in kind, only a brief description of the donated property. The University Relations Office will record the fair market value for recognition purposes only.

Any gift in kind that is determined by UTB officials to be inappropriate for permanent preservation may be disposed of by the University.

The asset must be placed in the physical possession of UTB.

CONTACT INFORMATION

If you have questions or would like more information on making a gift in kind to UTB, contact: Alberto Juarez, (956) 882-4328 or alberto.juarez@utb.edu.

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